Snap-On (NYSE:SNA) Releases Quarterly Earnings Results, Beats Estimates By $0.43 EPS

Key Points

• Snap-On reported a quarterly earnings per share (EPS) of $5.02, exceeding analysts' estimates of $4.59 by $0.43, with total revenue of $1.19 billion for the quarter.
• The company recently declared a dividend of $2.14 per share, resulting in an annualized dividend of $8.56 and a yield of 2.6%.
• Institutional investors hold 84.88% of Snap-On's stock, indicating strong institutional interest and confidence in the company.

Snap-On (NYSE:SNA - Get Free Report) announced its quarterly earnings results on Thursday. The company reported $5.02 EPS for the quarter, beating analysts' consensus estimates of $4.59 by $0.43, RTT News reports. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.During the same period last year, the firm posted $4.70 earnings per share.

Snap-On Price Performance

Shares of NYSE SNA opened at $332.45 on Thursday. The firm's 50-day moving average price is $331.97 and its 200-day moving average price is $323.79. Snap-On has a 1-year low of $289.81 and a 1-year high of $373.89. The firm has a market capitalization of $17.34 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.34 and a beta of 0.78. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $2.14 per share. The ex-dividend date was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.6%. Snap-On's dividend payout ratio is currently 45.65%.

Insider Activity

In other news, CFO Aldo John Pagliari sold 4,731 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares in the company, valued at approximately $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,898 shares of company stock worth $8,983,203 in the last quarter. Company insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Snap-On

A number of institutional investors and hedge funds have recently made changes to their positions in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Snap-On by 15.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock worth $2,983,000 after acquiring an additional 1,185 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock worth $1,492,000 after acquiring an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock worth $144,000 after acquiring an additional 233 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock worth $545,000 after acquiring an additional 434 shares during the last quarter. Finally, Natixis raised its holdings in shares of Snap-On by 136.8% in the 2nd quarter. Natixis now owns 3,048 shares of the company's stock worth $948,000 after acquiring an additional 1,761 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Analyst Ratings Changes

SNA has been the topic of several research reports. Barrington Research restated an "outperform" rating and set a $350.00 price target on shares of Snap-On in a report on Wednesday. Tigress Financial boosted their price objective on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Wednesday, October 8th. Robert W. Baird boosted their price objective on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Finally, Bank of America boosted their price objective on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.00.

About Snap-On

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.